The Central Bank of Nigeria (CBN) on Tuesday said it has disbursed more than N473 billion under its Commercial Agricultural Credit Scheme (CACS).
The bank’s Deputy Governor, Corporate Services, Alhaji Sulaiman Barau, disclosed this at the inauguration of sorghum milling plant established by the Northern Nigeria Flour Mills in Kano.
“The CACS is an initiative of the bank, and to date, 513 projects have benefitted from the scheme with disbursement of over N473 billion,” he said.
He said no fewer than 604 projects had benefitted from the Small and Enterprises (SMEs) refinancing scheme with disbursement of over N382 billion, adding that the bank would continue to support initiatives aimed at conserving foreign exchange reserve.
Barau observed that the establishment of the mill would be of strategic importance to the grains belt in the region as the mill would be useful in the development of maize, sorghum and millet value chains.
According to him, the establishment of the sorghum mill would boost agricultural productivity, generate employment and Nigeria’s industrialisation technology transfer.
“It is expected that the high quality sorghum flour that will come out of this mill will impact on our exchange rate positively,” he said.
In her remarks, the Minister of State, Industry, Trade and Investment, Hajiya Aisha Abubakar, said the initiative was in line with the Federal Government’s vision on Economic Recovery and Growth Plan (ERGP) as it was designed to promote sustained and inclusive growth.
“The overall vision of the plan is to significantly increase the manufacturing sector’s contribution to GDP in the next five years and unlock the bottlenecks militating against the growth and development of the industrial sector.”
In his speech, Kano State Governor, Dr. Abdullahi Ganduje, urged other companies to borrow a leaf from the mill to enhance economic activities in the state.